The Internal Revenue Service (IRS) continues distributing federal stimulus checks to every eligible American. Another 2.3 million stimulus payments were issued last week, including "plus-up" adjustments for those who received less than they were entitled with the earlier checks.
A recent GOBankingRates survey showed that many Americans needed stimulus money to reach their objectives. The poll of just under 4,000 Americans who asked revealed that 45% planned to pay expenses by their third stimulus check. Further, 12% intend to spend on food or other supplies, and 9% will use them to pay rents or mortgage.
More Americans intend to use stimulus check to pay bills
Under the American Rescue Plan of President Joe Biden, single individuals who earned under $75,000 are eligible for the third wave of stimulus checks, household heads who earn under $112,500, and married couples who jointly earn less than $150,000 - direct payment of $1,400 per person. Moreover, those who make up to $80,000 received partial payments.
The third stimulus checks were released after former President Donald Trump issued previous payments - the first incentive sent $1200 and $500 to adults and 16 and younger children, while the second stimulus payment gave $600 to adults and 16 or younger dependents.
In the poll, the third stimulus check to pay the bills was intended to be used by 53% of women and 38% of men. This might be because, from the beginning of the COVID-19 pandemic to January of this year, women leave the workforce more frequently than males.
The most common poll responses were received to pay bills between 18 and 65 years of age. The age group with the highest need for a stimulus check to pay the bills was aged between 55 and 64 years, with 53% of respondents stating that they might use their check to meet these needs.
Of the Americans who did not require a check to meet essential expenditures, 19% intended to make savings on their stimulus check, 9% planned to invest, and 6% planned to spend it on a non-essential purchase.
Read Also: How to Maximize Student Loan Grace Period; More Money Tips for Fresh Graduates
Lawmakers urge for a recurring stimulus check
Even after the IRS released 167 million stimulus checks, lawmakers are pushing for recurring payments. A group has requested Biden of congress members to include even more funding in his next stimulus plan, including regular stimulus payments, The Sun reported.
Last month, members of the House Ways and Means Committee made a similar request. Some Democrats in Congress, such as AOC and Ilhan Omar, believe the trillion-dollar relief measure is insufficient and have requested another round of payments.
Lawmakers said most people spent stimulus checks on monthly costs or necessities like food, rent, utilities, and mortgage payments. Fifty Democratic members of the House of Representatives addressed Biden a letter recommending regular direct checks two months before his historic signing. He pledged to give Americans $1,400 in checks. Eleven Democratic senators, however, have proposed recurring direct payments rather than a one-time $1,400 payment.
Will lawmakers hear the need for more stimulus checks?
As House Speaker Nancy Pelosi and other legislators return to work following their Memorial Day recess, a few unexpected events might deepen the debate over a fourth stimulus check, as per MoneyWise. New research on the effects of the past two direct payments and further comments from the White House are among them.
Meanwhile, more individuals join the campaign for further assistance every week to help families afford food and shelter, pay other essential obligations, and pay off debt due to COVID-19's financial fallout. More than 80 members of Congress have expressed their support for a fourth stimulus package, maybe more.
Seven Democrats on the powerful House Ways and Means Committee recently wrote to Biden, claiming that an additional two stimulus checks would keep 12 million Americans out of poverty. Democrats who want to increase aid have a new weapon in their arsenal: According to a University of Michigan study of census survey data, the previous two rounds of federal aid helped keep Americans fed, housed, and mentally healthy.
The researchers discovered that homes with children reporting food shortages, financial instability, and depression decreased from 20% and 42%. According to other Federal Reserve Bank of New York research, around 13% of stimulus payments are now being used for necessary purchases, such as groceries and housing. However, more of it is being used to pay off debt, save money, or invest in the stock market.
Related Article: Your State Might Be Holding Unclaimed Stimulus Payment. Here's How To Check
